Sasha Singh
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Gold : Continues to Signal Downtrend

XAUUSD : Hourly Chart

Gold rebounded during weekend from the falling support trend line on the hourly chart, however it found resistance from the falling resistance trend line on the hourly chart. The 50 day SMA also seems like providing resistance to the pair. The nearest support for the commodity is at 1232.06 and if it continues to decline the next support would be at 1227.98 or at the falling support trend line.

XAUUSD : 4 Hour Chart

On the 4 hour chart, the pair earlier declined below the falling support trend line but again rose and came within the falling channel. Most probably Gold will again test the support trend line, if it rise from this trend line it might again reach the falling resistance trend line. All the moving averages on the chart are heading downward signaling a downtrend continuation.